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RE: Daily Steem Stats Report - Brace yourself... New records are coming!
Ha! You were right with your post! Although, did you see the amount of Steem transferred to exchanges? That number jumped too. In the end though, like you said, the amount of new users and growing interest should far outweigh people cashing out for profits.
I'm also thinking that some of the bigger people that transferred aren't necessarily doing it for profit, but rather to continue to fund their projects....which benefits us all down the road. The future is definitely very bright!
No, I did not see the amount of steem transferred to exchanges - well I saw the chart but did not see anything special. Can you interpret it for me?
In the charts above, #8 shows the Steem transferred to/from exchanges. Basically, that is telling us how much is being sold on the market and how much is being bought on the markets and brought in to be converted into SP. There's really no other reason to transfer Steem one way or the other. You are either transferring it to the exchange to sell or you're transferring from the exchanges to convert.
So, the chart shows that there was basically 1.4M Steem transferred into SteemIt from the exchanges but there was almost 2.4M transferred to the exchanges. Those are both massive increases but the amount to the exchanges is substantially more. So, in essence, there is a net 1M loss to the total SP because of people selling it on the exchanges. Again, as I pointed out in my last post, this doesn't necessarily mean that people are profit-taking. We don't know the reasons why it's being sold. But you can infer that there definitely is some profit-taking going on. Which, you can certainly understand considering the 200%+ price increase over the last couple of days.
All in all, with the amount of Steem being transferred in, it's definitely a healthy sign of people wanting to be invested in the platform. But, as I said, there are definitely some that are taking advantage of the increase to cash some out.
Thanks for that interpretation. I had not spotted that more was going to the exchange than leaving. Nevertheless, despite this the price of steem was rising, which simply put, means more buyers than sellers.
The bad news here is rhat the rise in price was therefore not driven by steemit users wanting to own a vanity asset, but rather by speculators. Speculators can be very ficle when it comes to buying and selling. They are driven by their own psychology, in terms of trying to guess what the next guy will do. This can turn into Lemming-like behaviour. That could go either way.